MODULE 3: Budgeting - managing your money

Module 3 aims to equip students with the skills to manage their finances by creating and implementing a personal budget.

Last Updated: 31/5/2016

Students should be able to:

  • define a budget and its components, and explain its use

  • be aware of important budgeting terminology

  • prepare a personal financial budget that considers the expenditure incurred over a 12 month period

  • consider the role of short term and long term goals in the budgeting process as well as the importance visualisation of goals can play in achieving these goals sooner

  • modify a budget in terms of additional expenditure or the need to repay debt

  • recognise the role of savings in a budget

  • put a monitoring system in place

  • understand the role played by financial counsellors in helping those people experiencing financial difficulties.

  • Managing your income requires a plan.

  • Personal values and goals should be considered when developing a successful budget.

  • Budgeting is an essential life-time skill.

  • There is assistance available for budgeting.

  • A budget should balance the income earned with the amount spent and saved.

  • A budget should be based on an accurate record of expenditure.

  • A budget should be evaluated and adjusted regularly to meet changing circumstances.

  • Financial records are required to monitor a budget.

Annum
Average
Budget
Capital
Commitment
Consequence
Counsellor
Creditor
Debt
Department Of Human Services
Deposit
Depreciation
Direct Payment
Down Payment
Encumbrance
Equity
Expenses - Fixed
Expenses - Variable
Financial Advisor
Financial Counsellor
FOS
Goal
Income
Inflation
Insurance
Interest - Compound
Interest - Simple
Monitor
Mortgage
Ombudsman
Option
Overdrawn
Plan
Priority
Repayment
Salary
Shopaholic
Term
Utilities
Wage

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Please sir, may I have some more?

Yes! You can download ALL 12 Operation Financial Literacy Modules in one huge combined PDF from the main page.